Diamond Offshore has received a warning from the safety regulator after asbestos debris was spread on a North Sea rig.

The Health and Safety Executive (HSE) said Diamond Offshore failed to protect workers on the Ocean Valiant rig from exposure to asbestos fibres.

The incident, in September last year, took place on the Ocean Valiant while repairs were being made on a diesel engine which generates power on board.

However, insulation against asbestos had been damaged in the unit, leading to the debris being dispersed to the surrounding walkway and engine block thereby creating the risk of potential exposure of the crew to asbestos fibres.

The HSE has now issued an improvement notice stating Diamond Offshore did not take steps to protect employees.

The note, to the US firms Aberdeen office, pointed out a lack of training for workers and assessment of whether asbestos was likely to be present on board.

Asbestos is a strictly regulated substance that was once used widely in construction materials and is present on board some older offshore rigs.

Inhalation of asbestos fibres has been linked to several diseases including mesothelioma, a type of lung cancer which has a 40 year latency period before symptoms develop.

The HSE notice states that analysis of the fibres found chrysotile, exposure to which leads to an increased risk of lung cancer, according to the World Health Organisation.

Diamond Offshore has been contacted to comment.

The Asbestos Action charity, based in Dundee states: There is no safe type of asbestos and no safe level of exposure. Nearly all those with exposure history are potentially at risk of serious respiratory health complications.

Diamond Offshore has until October 1 to comply with the notice with improvements around asbestos assessment and training.

The firms North Sea operations are based out of its Dyce offices in Aberdeen.

See the original post:

Diamond Offshore warned over spread of 'asbestos debris' on North Sea rig - News for the Oil and Gas Sector - Energy Voice

The company provides electricity to 7.7M customers in six states and has approximately 51 GW of electricity generating capacity in the Carolinas, Midwest and Florida. If it does include offshore wind in the integrated resource plan (IRP) it is working on, it would signify further interest from a major US electric company in offshore wind as a form of low cost, low carbon generation.

As highlighted by OWJ on a number of occasions, utility Dominion Energy recently completed installation of the two-turbine, 12-MW Coastal Virginia Offshore Wind (CVOW) pilot project 43 km off Virginia Beach. CVOW is the first offshore windfarm to be installed in federal waters and is the precursor to a much larger project of around 2.6 GW that it hopes to build.

Responding to questions after announcing details of the companys Q2 results, Duke Energy chief executive Lynn Good said the company has embarked on a strategy to modernise and strengthen the energy grid, generate cleaner energy and expand smart energy infrastructure, an ambition underpinned by a five-year US$56Bn capital plan.

On offshore wind, I think we will address offshore wind in the upcoming IRP. We think it might fit into the portfolio, she said.

It has not had as much visibility, she said of offshore wind. I think it will, through the IRP and the clean energy process.

It represents a future investment opportunity, and we will know more as this policy gets finalised and as we make further progress on the fleet transition.

In the IRP, which Duke Energy will file in early September, it will outline alternatives to achieving its carbon reduction goals as well as North Carolina Governor Roy Coopers executive order to achieve the 70% reduction by 2030.

The IRP filing follows a comprehensive stakeholder engagement process to identify the best potential path forward to achieve carbon reduction targets while also balancing reliability and affordability for customers.

The company highlighted that retiring coal plants and investing in replacement generation, coupled with investments in battery storage, the energy delivery system, energy efficiency and demand side management will underpin the states transition to a cleaner energy future and Duke Energys investment plans for customers and shareholders.

In the past Duke Energy has invested in a three-year study of the potential for offshore wind in North Carolina. And in 2016, the company signed an agreement with Deepwater Wind Block Island (as was) to undertake remote monitoring and control services for the first offshore wind project in the US.

In June 2020, the North Carolina Department of Commerce launched a project to assess the states inventory of businesses, organisations and physical infrastructure best positioned to promote offshore wind development in the state.

The move was the latest step in Governor Roy Coopers commitment to build a clean energy economy to fight climate change and grow clean-energy jobs in North Carolina.

To produce the supply chain report, the North Carolina Office of Science, Technology, & Innovation, an operating unit of the Commerce Department, issued a request for proposals seeking an experienced consulting partner to help the department develop and publish the study.

See original here:

Duke Energy expected to join Dominion as offshore wind debutant - Riviera Maritime Media

An offshore safety boss has blamed a local outbreak in Aberdeen for a rise in the number of North Sea workers that have come into contact with people showing symptoms of Covid-19.

Trevor Stapleton, health and safety director at Oil and Gas UK (OGUK), revealed there was an increase in category B cases last week.

That involves an asymptomatic worker, who has been in contact with someone displaying symptoms of the virus, being removed from an offshore installation to self-isolate at home.

But hes confident its just a short term spike and said theyll be monitoring statistics closely over the next couple of weeks to ensure it levels off.

Health classifications were drawn up by OGUKs pandemic steering group at the beginning of the pandemic to establish guidelines for safe helicopter travel offshore.

They range from category A, a worker who is asymptomatic, to category D, a worker with life-threatening symptoms.

Its now a week since the Granite City was placed under local lockdown following an outbreak of Covid-19 at the Hawthorn Bar in the citys Holburn Street on July 26.

Mr Stapleton said: We did see an increase in suspected cases of Covid-19 offshore last week but were confident that was because of the hoo-ha in Aberdeen.

People suddenly get a bit nervous and say I think I might have been next to that person. We dont then interrogate them, our main priority is just to get them safely off the installation a category B classification.

Well look at it again this time next week to make sure thats levelled off and well begin to monitor that figure more closely. At the moment Im relaxed about it. The focus of the Aberdeen lockdown has been on hospitality and travel restrictions for leisure which I dont see as being too closely linked to the offshore workforce.

The first minister is due to give an update later today on current lockdown restrictions in Aberdeen.

But the continued uncertainty has had little effect on the oil and gas industry which has been operating as usual, albeit on a reduced manning level, for the duration of the pandemic.

Mr Stapleton said: The localised lockdown doesnt pose any real concerns. What well be looking at in the pandemic steering group is what further assessment should we be applying for someone that may be coming from a place where a regional outbreak has occurred.

Weve already had that in the early days of the pandemic with category 1 and category 2 countries. It was left to operators to undertake their own risk assessment on people travelling from different countries.

That disappeared when the UK became a category 1 country but, nevertheless, we have the framework for doing these risk assessments and its something that well take account of as we go through the coming months.

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Rise in category B cases offshore attributed to Aberdeen Covid-19 outbreak - News for the Oil and Gas Sector - Energy Voice

MingYang Smart Energy now has 1,000 MW in installed offshore wind turbines, according to the companys social media post from 11 August.

The company reached the milestone with the YangjiangNanpeng Island offshore wind farm, owned by China General Nuclear Power Group (CGN), which will feature 73 MySE5.5-155wind turbines.

MingYang also said its order backlog in offshore wind stands at 5.94 GW.

OffshoreWIND.biz contacted the wind turbine supplier to get an update on the number of the wind turbines now installed at the YangjiangNanpeng Island site, with MingYang yet to respond.

Construction of the401.5MW wind farm started in mid-2018.

The first turbinewas installedin July last year, and the first batch of wind turbines began operating in October.

The wind farm, located the Guangdong Province, is expected to be fully operational by the end of the year.

Link:

MingYang Hits 1 GW Milestone with CGN's Nanpeng Island Offshore Wind Farm - Offshore WIND

Ambitious research and innovation projects across the UK will today (Tuesday 11 August) receive up to 50,000 each of government funding, supporting their aim to create high value jobs, upskill local workers and boost economic growth.

The 17 projects, running from Glasgow and Belfast, through to Nottingham and parts of Cornwall, will help the UK to respond to some of the worlds most pressing challenges from climate change to the production of medicines.

Projects include heating homes and businesses in Glasgow using energy from disused mines, digitising the UK construction sector so it is safer and more productive, researching quicker ways of diagnosing cancer, and accelerating building of large scale offshore wind farms in the South West of England.

Through the second round of UK Research and Innovations (UKRI) flagship Strength in Places Fund, each project will be able to apply for a further longer-term investment of 10-50 million later this year if the early stages of development are successful.

It follows the announcement by the government in June this year of the first wave of the fund, which saw 7 projects across the UK benefit from over 400 million of government and industry funding to develop their research and innovation projects.

One of these projects, Artemis Technologies, led a consortium that was awarded 33 million to develop zero emissions ferries in Northern Ireland a project which will be viewed first-hand by Business Secretary Alok Sharma during a visit to Belfast today. At the site in Belfast Harbour, the Business Secretary is expected to meet with partners of the project to hear how it plans to establish Belfast as a global leader in zero emissions maritime technology.

Business Secretary Alok Sharma said:

We are backing our innovators and with the support they need to turn great ideas into first-class industries, products and technologies.

From virtual construction projects to extracting clean heat from disused mines, the pioneering projects we are funding today will help create jobs and boost skills across the UK as we continue to drive forward our economic recovery.

Projects each receiving up to 50,000 of early stage government funding include:

HotScot will provide low-cost, low carbon heat to Scottish homes and businesses by extracting energy from disused, flooded mines in Glasgow. By overseeing 3 new geothermal minewater projects, the consortium aims to deliver economic growth equivalent to 303 million and around 9,800 jobs across the Central Belt of Scotland

This will build on Cornwall and Plymouths world-renowned excellence in offshore renewables business and research, to fast track the building of large-scale floating offshore wind farms in the Celtic Sea from 2025 onwards. This will enable the region to make a decisive contribution to Britains offshore wind target of 40 gigawatts by 2030, and also target a five-fold increase in Britains offshore wind exports

This project will bring together experts from industry, academia and the public sector to create, test, and bring to market new technologies involving 3D modelling, smart cities and cloud computing. This will help engineers to tackle potential problems before building has even begun, ultimately speeding up construction and improving safety on building sites. The project aims to create 500 jobs across the North East, making the construction industry cleaner, safer, and more productive

Trans-Mid will partner universities with transport technology businesses, as well as local suppliers to the vehicle, aerospace and rail industries to develop new green products, with the aim of establishing the Midlands as a supercluster for net zero transport. The project will form part of the UKs commitment to carbon neutrality by 2050, creating thousands of new and upskilled jobs.

This project bring partners from industry and academia together to develop new, more cost-effective targeted drugs and antibodies, as well as researching new, quicker ways of diagnosing cancer. The long term aim is to attract and secure highly-skilled jobs to the region while making Northern Irelands life and health science sector more productive.

Todays funding forms part of the governments ambitious commitment to increase public spending in research and development (R&D) by 22 billion by 2024/25, putting the UK on track to reach 2.4% of GDP being spent on R&D across the UK economy by 2027.

It also follows the publication of the governments R&D roadmap last month, which sets out plans to drive the countrys economic recovery through research and development and level up UK regions.

Further details about the projects receiving funding as part of Strength in Places Fund wave 2 can be found on the UKRI website.

Applications for the second wave of the Strength in Places Fund closed in October 2019. The winning projects will be awarded between 10 million and 50 million and is expected to be announced in Spring 2021.

The Strength in Places Fund is a UKRI flagship competitive funding scheme that takes a place-based approach to research and innovationfunding to support significant local economic growth. The fund supports collaborative bids from local consortia including both businesses and research organisations, with strong engagement from local leadership partners and alignment with local economic plans.

The Strength in Places Fund is delivered by UKRI in partnership with:

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Projects to heat homes through disused mines and faster offshore wind farm construction win government backing - GOV.UK

Prysmian has started installing the export cables which will connect the 480 MW Saint-Nazaire offshore wind farm to the French grid.

The Italian cable manufacturer deployed its cable-laying vessel Cable Enterprise on the project.

The cable pull-in operations started off the Courance beach on Sunday, 9 August, Rseau de Transport dlectricit (RTE), the French transmission system operator, said.

Back in 2017, RTE selected Prysmian to develop and deliver submarine cable links to connect three offshore wind farms to the French grid, including the Saint-Nazaire wind farm off Loire-Atlantique.

Prysmian is in charge of the design, supply, installation, testing, and commissioning of two high-voltage export power cable links for each of the three offshore wind farms being developed by Eolien Maritime France (EMF), a joint venture company owned by EDF Renewables and Canadas Enbridge.

In total, Prysmian will install 33 kilometres of submarine cables and 27 kilometres of underground cables to connect the wind farm to the grid.

TheSaint-Nazaireoffshore wind farm, also known as Parc du Banc de Gurande, will comprise 80 GE Haliade 150-6MW turbines manufactured in France and scheduled to be operational in the summer of 2022.

Prysmian will also deliver and install the wind farms inter-array cables in consortium with Louis Dreyfus TravOcean.

More here:

Saint-Nazaire Export Cable Installation Kicks Off - Offshore WIND

Demand for offshore rigs will slump this year as a result of the pandemic and the low oil prices that are forcing offshore operators to delay drilling activities, but the offshore rig industry is set for a comeback in 2022, IHS Markit said in an analysis on Thursday.

Due to the unprecedented challenges of COVID-19 and the subsequent crash in oil demand, most operators that were expected to award contractor work offshore have pushed the timelines to next year at the earliest, Cinnamon Edralinis, Senior Offshore Rig Market Analyst at IHS Markit, said.

The drillship market should expect pent-up demand in 2022, with demand rising from this years levels through 2021 and 2022. Global demand for drillships is forecast to average 73 units over 2022, up from 66 units for 2021 and 59 units through 2020, according to IHS Markit.

Most of the drillship demand will be concentrated in South America and West Africa, the consultancy said. In South America, Brazil will be a major hotspot for drillship demand in 2022, alongside Guyana with ExxonMobils major discoveries, as well as Suriname, where Apache and Total have just made a new major oil discovery.

Drillship demand in the U.S. Gulf of Mexico, however, is expected to see demand next year down from 17 to 14 units, as some operators wait a bit longer for market conditions to stabilize before awarding new work, IHS Markit said.

In the semi segment, recovery is not expected to occur in the short term, because the semi market had not started to recover from the previous crash when the pandemic hit.

In the jackup segment, demand is set to be relatively flat between 2020 and 2022, possibly with a slight dip, according to IHS Markit, which had expected strong recovery in jackup demand earlier this year, before the pandemic and the oil price crash upended all previous projections.

By Tsvetana Paraskova for Oilprice.com

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Demand For Offshore Oil Rigs To Return In 2022 - OilPrice.com

Guest Bidens American Energy Impotence by David Middleton

What would a Joe Biden win mean for oil and gas?As Biden nudges ahead in the polls, the US oil and gas industry should prepare for far-reaching potential changes

29 July 2020

Justin RostantPrincipal Analyst US Gulf of Mexico Upstream

With analysis from Julie Wilson, Research Director Global Exploration, Ed Crooks, Vice-chair, Americas and Rowena Gunn, Research Analyst

()

The most eye-catching of Bidens proposals for the offshore industry is a promise to ban new oil and gas permitting on public lands and waters.

He also plans new protections for the Arctic National Wildlife Refuge and other areas President Trump has sought to open up for oil and gas development, including the eastern Gulf of Mexico (GoM).

How much does the oil and gas industry stand to lose if Bidens policies are enacted?

Bidens plans lack clarity: its unclear which permits would be included in his proposed ban. But by any definition, the impact on investment, production and tax revenues would be substantial.

How stringently the measures are applied which could range from the least restrictive option of not awarding new exploration leases to the most draconian: putting a complete stop to oil and gas production will be important.

The devil is in the detail: Bidens proposed policies by the numbers

Each step towards tighter restrictions would wipe out tens of billions of dollars of capex.

So how do the numbers stack up?

In our base case, total remaining estimated capex is US$276 billion.

If no new leases are awarded under the least restrictive scenario, US$76 billion of that spending would be lost. And that would escalate if the measures were applied more stringently.

Nearly 25 billion boe is yet to be produced from the US GoM and Alaska. The least restrictive application of Bidens policy banning new leasing and drilling of exploration wells would wipe out almost 12 billion boe of potential future production.

And in the worst case, shutting in all production would mean giving up that 25 billion boe in its entirety.

()

Explorers could miss out on US$20 billion of potential value. And government coffers would be US$135 billion lighter.

If production in the US GoM is shut in, this could be catastrophic: US$340 billion in revenue over the first ten years would be wiped out. Meanwhile, more than 1 billion barrels of economically viable reserves could be left in the ground in Alaska, which would dash hopes for sustained growth in the region.

And that could open the US government to potential legal challenges

Upstream producers have already sunk billions of dollars into exploration and development projects, the value of which could be eradicated.

In US GoM alone, companies have invested over US$180 billion since 2005, developing discoveries on the premise that they will be able to produce these resources.

()

Wood Mackenzie

It would open the US government to potential legal challenges and they would get their @$$es kicked in court. The leases were issued under laws passed by Congress. The laws require the Federal government to allow the lessees to develop the mineral resources under the leases. Once the Federal government issues a lease in the Gulf of Mexico, the operator owns the mineral resources, subject to the terms of the lease agreement (a legally binding contract). If the government simply declared an prohibition of new oil and gas permitting on public lands and waters, without fairly compensating the lease owners, it would be violating the Takings Clause of the United States Constitution, not to mention serial breaches of contracts.

As the WoodMac article notes: The devil is in the detail And we have not heard any details, just, often contradictory, phrases from Biden. He has clearly stated that he would ban fracing

During the primary season, as he worked to secure the votes of his Partys left-leaning voter base, Mr. Biden has promised at various times to enforce a policy ofno new frackingin his administration; to end the use of oil and natural gas in the United States; and to end new drilling on federal lands in the U.S. While promises like those and others played well to the voters in Party primaries around the country, they have the potential to come back to haunt Biden during the general election in key swing states like Michigan, Pennsylvania, Ohio and New Mexico, where the industry supports hundreds of thousands of jobs and the state governments rely heavily on income from oil and gas taxes.

Forbes, June 11, 2020

No new fracking = A ban on fracing.

However, Biden has also said that he would not ban fracing:

Shut down the fracking industry? NoDuring an interview in April, Biden told KDKA television in Pittsburgh that he would not shut down the fracking industry. He said that he would not allow new leases on federal land, adding that 90% of the leases are on private land.

I would make sure the water is not being contaminated, but I would not shut it down, no, he said.

USA Today, June 19, 2020

Firstly, I dont know what the fracking industry is, and Ive been petroleum geologist for almost 40 years. Secondly, if you read the USA Today fact check in its entirety, its pretty clear that neither Joe Biden, nor the USA Today knows what fracing is.

Are Bidens comments about banning new oil and gas permitting on public lands and waters, something to be taken literally? Or simply a phrase he doesnt understand?

While a ban on new oil and gas permitting on public lands and waters wouldnt immediately drop Gulf of Mexico oil production to zero-point-zero, it eventually would do just that.

According to a study prepared for the National Offshore Industries Association (NOIA):

Impact of No New Drilling Permits Being Issued

Another potential restrictive policy change that has been advanced for the Gulf of Mexico offshore oil and natural gas industry is that regulatory authorities no longer issue new drilling permits for Gulf of Mexico wells. This scenario assumes that no new drilling permits would be issued from 2022, but that existing permits would be unaffected, and that no other major policy or regulatory changes impacting the Gulf of Mexico offshore oil and natural gas industry would be enacted.

Average combined oil and natural gas production across the forecast period is projected to decline from around 2.5 million barrels of oil equivalent per day to 1.1 million barrels of oil equivalent per day (an over 55 percent decline). In 2040, combined oil and natural gas production is projected to be around 323 thousand barrels of oil equivalent per day compared to 1.96 million barrels in the Base Case.

Average annual employment supported is projected to decline to 179 thousand jobs from around 370 thousand jobs nationally (a 52 percent decline).

Average annual contributions to GDP are projected at $14.2 billion, around a 55 percent reduction compared to contributions of $31.3 billion in the Base Case.

Government revenues are projected at an average of around $2.7 billion per year, a 61 percent reduction from the $7 billion per year projected in the Base Case.

State revenue sharing under the Gulf of Mexico Energy Security Act (GOMES) is projected to fall to an average of around $273 million per year, compared to around $374 million in the Base Case (a 27 percent reduction). LWCF funding, including GOMESA and non-GOMESA offshore funding is project to fall to just under $585 million a year compared to $1.3 in the Base Case.

NOIA

All operations in the Federal waters of the Gulf of Mexico require permits And production can only be maintained through ongoing operations. Right now, the Gulf of Mexico is the second most productive oil province in the US, with massive remaining growth potential. The Gulf of Mexico is second only to the Permian Basin.

Figure 1.Source:U.S. Energy Information Administration,Short-Term Energy Outlook, November 2019

The only one of those regions that wouldnt be eviscerated by a fracing ban, is the Gulf of Mexico. However, a ban on new oil and gas permitting on public lands and waters would be devastating.

Figure 2. A Biden ban on new oil and gas permitting on public lands and waters would cut GOM oil production in half by 2028 and by nearly 80% by 2040. (NOIA)

On top of the reckless destruction of value, a ban on new oil and gas permitting on public lands and waters would also drive many, if not most, operators into bankruptcy, leaving them financially incapable of properly abandoning and retiring billions of dollars of infrastructure that was just rendered worthless by the government.

Hurricanes in 2005 (Katrina & Rita) and 2008 (Ike) inflicted extensive damage on Gulf of Mexico oil & gas infrastructure, depressing production by about 250,000 bbl/d from 2006-2008. The Obama maladministrations unlawful drilling moratorium and permitorium in response to the Deepwater Horizon blowout and oil spill depressed production by about 500,000 bbl/d from 2011-2013.

Figure 3. Gulf of Mexico OCS oil production.US EIA

Since then, Gulf of Mexico oil production hassurged to record levels, topping 2 million barrels per day in 2019. Due to the COVID-19 shutdown, production has fallen off a bit, however EIA forecasts that it will remain relatively flat for 2020-2021.

EIA forecasts GOM production to remain relatively flat, averaging 1.9 million b/d in 2020 and 2021, nearly unchanged from its 2019 average. In addition, EIA expects no cancellation in announced GOM projects for 2020 and 2021. EIA forecasts that crude oil production from Alaska will remain at an average of 460,000 b/d in 2020 and that it will increase slightly in 2021.

EIA, May 14, 2020

Table 1. Gulf of Mexico Average Daily Production (2018 2020) EIA

EIA forecasts global oil consumption to recover to pre-lockdown levels by Q3 2021.

Figure 4. August 2020, Short Term Energy Outlook (EIA)

US motor gasoline demand has revovered to 8.6 million bbl/d from a lock-down low of 5.3 million bbl/d and is only about 1 million bbl/d lower than it was in August 2019.

Figure 5. This Week in Petroleum, August 5, 2020 (EIA)

The US economy is still far from being fully reopened Yet gasoline demand has already recovered 3/4 of the way to normal. Assuming the economy continues to recover, oil demand will continue to recover. If Joe Biden gets elected and delivers on his promise to ban new oil and gas permitting on public lands and waters, where will he get the roughly 2 million bbl/d of crude oil that he just took off the table? Saudi Arabia? Russia?

Personally, I tend to think that if the unthinkable happens and Biden wins in November, his maladministration will be more akin to than of Obamas and not a Sanders|Ocasio-Cortez|Warren Green New Deal Cultural Revolution. He will make it more difficult for us to do business in the Gulf of Mexico and he will not open any of the currently off limits areas. I dont think he would even think about trying to shut down leasing and drilling in the areas of the Gulf of Mexico that have been open for about 70 years and comprise our nations second most important source of domestically produced crude oil. But I could be wrong.

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Joe Biden To Shut Down US Offshore Oil Manufacturing if Elected? - The Shepherd of the Hills Gazette

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FNB has seen an increase in a number of its private banking clients with offshore investments bringing them back into the country, as a result of cash-flow constraints brought about by the Covid-19 pandemic and a rocky economic climate.

The common perception is that the process of bringing offshore funds back into the country is a complex one, however in most instances this can be done relatively quick and easily if the correct procedures are followed. Similarly, applying the right protocols will also ensure that the funds can be invested offshore again if they are no longer needed in South Africa, without any unnecessary fees or additional regulatory implications.

Chantal Robertson, part of the Global Solutions Team at FNB Premium, says: If you are a South African resident who has made the informed decision to repatriate offshore funds back to South Africa, the good news is that the process is relatively simple and straightforward. Although it is vital to follow the right processes in order to ensure compliance and avoid any unnecessary fees.

Similarly, following due processes will ensure that these funds, or a portion thereof, can simply be taken offshore again in the future.

The below are key things you need to consider when planning to tap into your offshore funds:

Annual Discretionary Allowance

All South African residents, 18 years and older, are entitled to an annual Single Discretionary Allowance of R1 million which can be used for many purposes including travel, gifting and foreign investment. In addition, individuals are also entitled to a Foreign Investment Allowance of R10 million, subject to tax clearance.

This means that those funds, plus any related income derived offshore from them, are regarded as offshore assets and you are under no obligation to bring these funds back into the country. Similarly, any foreign earnings generated while living and working abroad are also exempt, as well as foreign inheritances received from non-residents, says Robertson.

Robertson explains that since there is no requirement for you to bring any of these legitimate offshore funds back to South Africa, if you choose to do so then the rand equivalent of the money you brought into the country is re-transferable out of the country again at any point in the future. Importantly, if these funds do leave the country again, they are not deemed to be part of either your annual Single Discretionary Allowance or Foreign Investment Allowance.

No additional tax clearance required

In addition, there is no additional tax clearance requirement for such transfers. However, it is imperative that the incoming funds are reported as a disinvestment of capital on the Cross-Border Reporting System, which is the 511 Balance of Payment series.

Retain reference details

It is vital that one retains the relevant transaction reference details, such as the deal number and deal confirmation. This is the only information that we, as a bank, would require should you wish to re-transfer these funds abroad again when your local cash flow is stronger.

With this said, the decision to bring funds back into the country should not be taken lightly. Before you make any decision, speak to your wealth manager for professional advice in this regard, said Robertson.

PERSONAL FINANCE

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What to consider when accessing your offshore funds to improve cashflow - IOL

The wind energy sector is a frequent user of high-power simulations, with researchers aiming to optimize wind flows and energy production from the massive turbines. Now, researchers at GE are preparing to undertake a large wind energy simulation effort on the Summit supercomputer, aiming to advance the potential of offshore wind. Led by Jing Li, a research aerodynamics engineer at GE, the researchers will use Summit to conduct simulations hitherto computationally infeasible.

Despite being recently dethroned by RIKENs Fugaku system as the most powerful publicly ranked supercomputer as of the most recent Top500 list, Summit remains the runner-up, weighing in at a whopping 148.6 petaflops of computing power (and over 340 tons of iron). Summits 4,608 nodes each equipped with two IBM Power9 CPUs and six Nvidia Volta GPUs are supported by 250 petabytes of storage and Mellanox InfiniBand EDR 100 Gbps networking. And at 13 MW, Summits power footprint is on par with the peak output of around four or five onshore wind turbines.

The Summit supercomputer will allow our GE team to run computations that would be otherwise impossible, Li said. This research could dramatically accelerate offshore wind power as the future of clean energy and our path to a more sustainable, safe environment.

Specifically, the simulations will examine coastal low-level jets, which produce distinct wind velocity effects crucial to operating and optimizing offshore wind turbines. Offshore turbines, of course, face much different challenges and opportunities than onshore turbines: the winds are often much stronger, but the wind behaves differently and the tumultuous environment presents particular dangers.

A video of one of GEs wind simulations from a previous project.

Were now able to study wind patterns that span hundreds of meters in height across tens of kilometers of territory down to the resolution of airflow over individual turbine blades, Li said. You simply couldnt gather and run experiments on this volume and complexity of data without a supercomputer. These simulations allow us to characterize and understand poorly understood phenomena like coastal low-level jets in ways previously not possible.

This undertaking will happen in collaboration with the ExaWind project at the National Renewable Energy Laboratory (NREL), which is aiming to bring wind energy simulation into the exascale era. Scientists at NREL and [Oak Ridge National Laboratory] are part of a broader team that have built up a tremendous catalog of new software code and technical expertise with ExaWind, Li said, and we believe our project can discover critical new insights that support and validate this larger effort.

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New GE Simulations on Summit to Advance Offshore Wind Power - HPCwire

The Connecticut Port Authority has applied for a permit from the U.S. Army Corps of Engineers for proposed work in the Thames River at State Pier, New London, Connecticut.

The proposed project would serve as a long-term, regional offshore wind port facility while continuing to support other existing long-term breakbulk cargo operations.

The proposed two-phase State Pier infrastructure improvement project includes demolition activities, fill between the two existing piers, onshore site work, and in-water activities in the Thames River.

The U.S. Army Corps of Engineers is now soliciting comments from members of the public, federal, state, local agencies; Indian Tribes, and other interested parties to consider and evaluate the impacts of this proposed activity. Public comments should be forwarded no later than 3 September.

The Connecticut Port Authority, Gateway Terminal, rsted, and Eversource reached a final agreement on the USD 157 million State Pier project in February.

The first phase of construction to complete the facility infrastructure upgrades to meet the heavy-lift requirements of rsted and Eversources offshore wind projects is expected to begin in early 2021 and continue through August 2022.

Following the completion of the infrastructure upgrade project, the rsted and Eversource joint venture company will enter into a ten-year lease agreement, which will allow it to use State Pier for wind turbine generator pre-assembly and staging to power their Revolution Wind, Sunrise Wind, and South Fork Wind projects with a combined capacity of more than 1.7 GW, including 304 MW coming to Connecticut through Revolution Wind.

During periods where rsted and Eversource are not using State Pier, Gateway Terminal, the terminal operator, will market the facility to other customers to ensure maximum utilization of State Pier.

Excerpt from:

Construction Permit Sought for Connecticut Offshore Wind Hub - Offshore WIND

LONDON--(BUSINESS WIRE)--Technavio has been monitoring the mobile offshore drilling unit (MODU) market and it is poised to grow by USD 4.92 bn during 2019-2023, progressing at a CAGR of almost 9% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report on COVID-19 Impact

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Diamond Offshore Drilling Inc., Nabors Industries Ltd., Noble Corp. Plc, Samsung Heavy Industries Co. Ltd., and Transocean Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

An increase in offshore oil and gas drilling activities has been instrumental in driving the growth of the market.

Mobile Offshore Drilling Unit (MODU) Market 2019-2023 : Segmentation

Mobile Offshore Drilling Unit (MODU) Market is segmented as below:

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Mobile Offshore Drilling Unit (MODU) Market 2019-2023 : Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our mobile offshore drilling unit (MODU) market report covers the following areas:

This study identifies technical advances as one of the prime reasons driving the mobile offshore drilling unit (MODU) market growth during the next few years.

Mobile Offshore Drilling Unit (MODU) Market 2019-2023 : Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the mobile offshore drilling unit (MODU) market, including some of the vendors such as Diamond Offshore Drilling Inc., Nabors Industries Ltd., Noble Corp. Plc, Samsung Heavy Industries Co. Ltd., and Transocean Ltd. Backed with competitive intelligence and benchmarking, our research reports on the mobile offshore drilling unit (MODU) market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Mobile Offshore Drilling Unit (MODU) Market 2019-2023 : Key Highlights

Table Of Contents :

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

PART 04: MARKET SIZING

PART 05: FIVE FORCES ANALYSIS

PART 06: MARKET SEGMENTATION BY TYPE

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

PART 11: MARKET TRENDS

PART 12: VENDOR LANDSCAPE

PART 13: VENDOR ANALYSIS

PART 14: APPENDIX

PART 15: EXPLORE TECHNAVIO

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Mobile Offshore Drilling Unit (MODU) Market 2019-2023 | Increase in Offshore Oil And Gas Drilling Activities to Boost Growth | Technavio - Business...

Two stranded men from Chicago repeatedly expressed their gratitude to Michigan Department of Natural Resources Conservation Officer Todd Sumbera after he rescued them from rough water near Drummond Island Friday afternoon.

Sumbera was conducting marine patrol offshore in Chippewa County, north of Drummond Island, west of Harbor Island, at approximately 1:43 p.m. when he saw two people in the water clinging to an overturned personal watercraft.

As Sumbera approached, he identified himself as a conservation officer there to help. The younger of the two, a 41-year-old man who didn't know how to swim, was panicked and exhausted, saying, "Thank God." Both men were improperly wearing torn life jackets and had been in the water for about 10 minutes.

"Im happy that Sumbera safely returned the men to shore in what could have been a much worse situation had the men not been wearing life jackets," said Chief Gary Hagler, DNR Law Enforcement Division. "This is an example of how wearing a life jacket can save a life."

After Sumbera helped the men onto his patrol vessel, he determined both to be in stable condition.

The older man, 64, told Sumbera that they had never operated a personal watercraft before and the high winds and rough water "swamped them extremely fast" when they put the watercraft in reverse.

Sumbera towed the waterlogged watercraft back to the Drummond Island Yacht Haven and returned the two men to shore. He advised the men to obtain and use properly fitting, well-maintained life jackets before their next adventure.

There have been several drownings and near-drownings in Michigan this summer. If your plans include time on the water, please refer to the DNR website for important tips on boating and Great Lakes beach safety.

Michigan conservation officers are fully commissioned state peace officers who provide natural resources protection, ensure recreational safety and protect residents by providing general law enforcement duties and lifesaving operations in the communities they serve. Learn more at Michigan.gov/ConservationOfficers.

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Conservation officer rescues two men stranded offshore of Drummond Island - HollandSentinel.com

rsteds wind farm at Hornsey

The Imperial College London conducted a study where it shows that the UK offshore wind generation costs have significantly declined in the last few years, bringing in the plausibility of the sector soon being subsidy negative as per their contract for difference (CfD). GlobalData anticipates that the declining costs not only make offshore wind cost-effective in diminishing the countrys carbon footprint but also drive the government to increase installations in an attempt to achieve its 2030 target.

Somik Das, senior power analyst at GlobalData, comments: With negative subsidy being a conceivable scenario, the share and the target of offshore wind capacity would likely be further elevated by the UK Government, which will be more interested in the segment than ever before. Elevating the target of 40GW of overall offshore capacity by 2030 would mean that more than 20% of the overall installed capacity would be shaped by the offshore segment, making it a more recognisable energy source on which the nation can rely for its electricity needs.

Offshore wind CfD prices are expected to decline and become cheaper than gas, where the price is expected to surpass 55/MWh by 2023-24. Major projects such as Doggerbank A and Doggerbank B are in the permitting phase and anticipated to come online by this time. These are key projects that saw success in the third round of CfD, held in 2019. With the next round planned to be held next year, projects coming up in the future stand a strong chance of experiencing negative subsidies.

Das concluded: Over the next few years, the offshore segment is expected to boom. More than 19GW of offshore wind projects are in the pipeline, either in the nascent or advanced stages of development. Players such as SSE Renewables, Scottish Power Renewables, Orsted, Engie and many more have flocked this space, trying to grab a piece of the pie. Many would be constructed as deep sea projects at more than 40km from the shore, at depths ranging from 20-70m making the most of favorable wind speeds of 7-10m/s. Some of them are expected to have turbine capacities of more than 10MW, and rotor diameters ranging from a mere 113m to over 200m.

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UK offshore wind becomes cheaper than nuclear and gas - The Energyst

Turkey resumed oil and gas exploration in the Mediterranean Sea days after the government said it would delay offshore surveys to seek a diplomatic resolution with Greece.

President Recep Tayyip Erdogan on Friday announced the decision to dispatch a seismic research vessel, after Greece signed a deal with Egypt to draw maritime boundaries between the two countries.

Turkey Holds Back Sea Survey to Defuse Tensions with Greece

Erdogan accused Greece of failing to abide by pledges that convinced Turkey to halt offshore work while German Chancellor Angela Merkel began mediating. The latest twist in the conflict in the eastern Mediterranean shows the gargantuan task awaiting Turkey and Greece as they try and negotiate a resolution.

The latest spat arose when Turkey said it would survey the seabed in an area that Greece says falls in its jurisdiction because of the nearby Greek island of Kastellorizo. The two sides rely on fundamentally different legal arguments to make their claims in the Mediterranean and Aegean Seas.

Heres What Is at Stake as Turkey-Greece Tensions Rise Again

Ankara argues that a countrys continental shelf should be measured from its mainland, and that the area south of the Greek island -- just a few kilometers off Turkeys southern coast -- therefore falls within its exclusive zone.

Greece says that islands must also be taken into account in delineating a countrys continental shelf, in line with the United Nations Law of the Sea, giving it the sole right to the area regardless of the islands proximity to Turkey. Ankara has not signed up to that law.

Before it's here, it's on the Bloomberg Terminal.

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Turkey Resumes Offshore Exploration in Latest Row With Greece - Bloomberg

CWind Taiwan and HYTOR Tools Solutions have teamed up to bring temporary power solutions to the Taiwanese offshore wind market.

As part of the strategic alliance, the two companies said they imported a significant quantity of 100 kVA generators to be based in CWindTaiwans operational hub in Taichung Port.

The generators are being prepared for offshore deployment on a project in the Taiwan Strait to ensurepower supply throughout the construction and commissioningperiod.

CWind Taiwan employed temporary powerproject managers from European parent company CWind to provide onsiteoperational support, and further enhance the training of local generator technicians.

By utilising our in-country generators,vessels and project teams, we are able to provide a full turnkey solution, as well asrespond rapidly to support clients with any unplanned power requirements, said Tom Manning, Deputy General Manager of CWind Taiwan.

Werepassionate about supporting the development of the Taiwanese market, training localTaiwanese generator technicians to assist us to deliver this project, and enable themto lead on projects in the future.

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CWind Taiwan and HYTOR Bring Temporary Power Solutions to Taiwan - Offshore WIND

The worlds offshore windfarm capacity could grow eightfold by the end of the decade powered by a clean energy surge led by China, according to the Global Wind Energy Council (GWEC).

A new industry report has revealed stronger than expected growth for the offshore wind industry, which could reach 234GW by 2030, from a global tally of just over 29GW at the end of last year.

The council revised its forecasts up by 15GW in its latest annual report on offshore wind power after the fastest ever growth in 2019, when new wind farms around the world added an extra 6.1GW to the global tally.

Ben Backwell, the chief executive at GWEC, said offshore wind was truly going global as governments around the world recognise the role that the technology can play in kickstarting post-Covid economic recovery.

The report found that the offshore wind industry could create 900,000 jobs globally over the next decade, or even more if policymakers use post-pandemic economic stimulus packages to accelerate the sectors growth.

As well as a green economic recovery, the report found that every 1GW of offshore wind helped to avoid 3.5m tonnes of carbon dioxide from entering the atmosphere and contributing to the climate crisis.

The offshore market has grown on average by almost a quarter every year since 2013, led by a flurry of new projects in European waters, which hold 75% of the worlds offshore wind farms.

However, the rate of growth is expected to accelerate in the next 10 years because of a growing appetite for clean energy in countries in the Asia-Pacific region, according to GWEC.

Over the coming decade we will see emerging offshore wind markets like Japan, Korea and Vietnam move to full deployment, and see the first offshore turbines installed in a number of new countries in Asia, Latin America and Africa, Backwell added.

A record 2.4GW of offshore wind power capacity came onstream in Chinese waters last year, the report said, followed by the UK, which installed 1.8GW of offshore wind, and Germany, which added an extra 1.1GW of offshore capacity.

The UK held the top spot for the largest market for offshore wind at the end of last year with 9.7GW in operation, followed by Germany with 7.5GW and China with 6.8GW.

But by the end of the decade China is expected to host more than a fifth of the worlds offshore wind turbines, equating to 52GW, while the UK tally climbs to 40.3GW.

The third-largest market for offshore wind by 2030 will be North America, where there was a modest 30MW of offshore wind capacity in operation at the end of 2019. This is expected to grow to 23GW installed by 2030, according to the report.

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China poised to power huge growth in global offshore wind energy - The Guardian

RICHMOND, Va. (WAVY) The Virginia League of Conservation Voters and Virginia Coastal Alliance will be holding a live virtual panel discussion with local advocates and elected officials to discuss the progress made on offshore drilling and the need for continued surveillance.

The panel discussion will be on Monday, Aug. 10, 6:30-7:30 p.m.

Many federal and local elected leaders are expected to take part including U.S. Rep. Elaine Luria (D-VA-2) and Del. Nancy Guy (D-Virginia Beach).

Although this year, the Virginia General Assembly passed House Bill 706 and Senate Bill 795, which effectively ban offshore drilling and oil and gas infrastructure within 3 miles of Virginias coast, leasing in federal waters remains a threat.

In 2018, the Trump Administration moved to open up the Atlantic Ocean to offshore drilling, as part of a highly controversial plan opening up many other waters that had previously been off-limits to oil and gas production and exploration.

The Virginia LCV says a spill off Virginias coast would be devastating to our already struggling tourism industry, putting seafood producers out of work, and hampering military readiness.

To register for the virtual panel, click here.

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VA League of Conservation Voters will host offshore drilling panel with local advocates and elected leaders - WAVY.com

Unpacking the enigma around offshore starts with one simple certainty; nothing in the South African Income Tax or Reserve Bank regulations prohibits South Africans from opening a bank account, investment account or setting up an offshore trust.

Many South Africans are feeling very uncertain about going offshore with their money, and understandably so. The spread of Covid-19, the economic forecast for South Africa (and also the rest of the world) and the Rands weakening value is enough to make any South African jittery and anxious about investing; not just locally, but also abroad. However, exposure to international assets is essential for the following reasons: it provides protection against the depreciation of the Rand, it helps to diversify investments and it allows access to a greater range of opportunities to invest in.

With all the complexity around moving wealth offshore, the real brainteaser for most is how to do it as quickly and cost effectively as possible and at what stage do I need to consider setting up an offshore trust.

We are finding that many South Africans have international transactional needs for both business and personal reasons, yet some are only aware of one-dimensional foreign currency accounts, often referred to as CFC accounts. This type of account allows the account holder to manage foreign receipts and payments through their local bank, but it is all subject to Exchange Control regulations.

In comparison, the multiple benefits of having an offshore bank account enable South African accountholders to conveniently receive payment for work done outside of the country, make international payments and to access international funds by way of a debit or credit card. Most importantly, the general rule is that if the income was earned abroad while the South African resident was physically outside of the country, the income can be retained offshore. From here the funds can be transferred to a variety of different investment accounts also based offshore.

While there may not be any tax liability in the jurisdiction where the account is being held, accountholders will usually still be taxable in South Africa for any interest or capital gains that is earned on the account.The tax you may be required to pay depends heavily on the way you choose to invest and the type of investment account.Generally, the interest or gains realised need to be included in your taxable income for the year even though these are earned offshore because we are taxed on our worldwide income in South Africa.

Offshore bank or investment account(s) also need to be declared. The tax authorities in jurisdictions where the accounts are held, may have signed up for Common Reporting Standards (CRS). The account details, balances and interest earned will automatically be shared with South African tax authorities and therefore, the account is not confidential by any means.

Although your details may not be confidential, your money will remain outside of South Africa. In terms of de-risking wealth, it is a completely legal and acceptable solution to escape the volatility of the rand and to diversify your investments.

When exploring the benefits of opening an offshore account, the key is to choose your preferred offshore banking institution by taking into consideration the minimum balance requirements, transactional fees, reputation and jurisdiction. Some banks require face-to-face meetings with the account holder while others are comfortable to work through a licenced service provider like Sovereign Trust, in which case, a face to face meeting might not be required.

Offshore investment companies usually do not require a face to face interview, but an introduction by a regulated financial advisor might be required before an account can be opened with their company. Annual platform and trading fees should also be considered.

At what point should you consider setting up a trust to house the funds in your offshore bank or investment account and why?

We will start with answering the why. If your intention is to achieve any or a combination of the goals listed below, setting up a trust and investing in the trusts name, becomes an option:

To ensure that setting up an offshore trust is a feasible exercise, you need to consider the annual trustee fees (which will depend on the jurisdiction, the type of trust and also the activity levels of the trust), the amount available to invest as well as the possible returns that can be achieved. As an absolute minimum requirement, the return should cover the annual trustee and other annual costs associated with the trust and investment.

By Coreen van der Merwe, director at Sovereign Trust (SA) Limited

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Offshore Bank, Investment And Trust Accounts - Are These Still Allowed? - iAfrica.com

The Royal Canadian Navys sixth Arctic and Offshore Patrol Ship (AOPS) will be named in honour of Lieutenant Robert Hampton Gray, a Canadian naval hero of the Second World War.

The Royal Canadian Navys sixth Arctic and Offshore Patrol Ship (AOPS) will be named in honour of Lieutenant Robert Hampton Gray, a Canadian naval hero of the Second World War.

Lieutenant Robert Hampton Gray joined the Royal Canadian Naval Volunteer Reserve in 1940, and served as a pilot in the Royal Navy Fleet Air Arm. Lt Gray embarked on HMS Formidable with 1841 Squadron, which joined the war in the Pacific as part of Operation ICEBERG in April 1945.

Lt Gray was awarded the Victoria Cross posthumously, for courage and determination in carrying out daring air strikes on the Japanese destroyer HIJMS Amakusa. On August 9, 1945 he led two flights of Corsair aircraft to attack naval vessels in Onagawa Bay. He opened the attack run flying straight into concentrated anti-aircraft fire, and was hit almost immediately. With his aircraft on fire, and one bomb lost, he continued the attack and released his remaining bomb on the escort vessel HIJMS Amakusa, causing the ship to capsize and sink. His aircraft then crashed into the sea, and his body was never recovered.

Lieutenant Gray was known to his fellow military members as a courageous leader, with a brilliant flying spirit, who continued to inspire and motivate his crew after his unfortunate passing. By naming the sixth Arctic and Offshore Patrol Ship after Lt Gray, we honour him as a Canadian naval hero, and celebrate his outstanding leadership and heroism.

Vice-Admiral Art McDonald, Commander Royal Canadian Navy

Lieutenant Robert Hampton Gray was posthumously awarded the Victoria Cross (VC) for great valour in leading the attack in Onagawa Bay, and for consistently showing a brilliant fighting spirit and most inspiring leadership. He was the only member of the Royal Canadian Navy to be awarded the Victoria Cross during the Second World War.

The names of the six Harry DeWolf-class Arctic/Offshore Patrol Ships (AOPS) will honour prominent Canadian naval figures who served Canada with the highest distinction. For the first time in its 110-year history, the RCN has named a class of ships after prominent Canadian naval figures, proudly honouring their leadership, achievements and heroism while serving Canadian interests at sea. The other five AOPS are named Harry DeWolf, Margaret Brooke, Max Bernays, William Hall, and Frdrick Rolette.

The Harry DeWolf-class will be capable of armed sea-borne surveillance of Canadas waters, providing government situational awareness of activities and events in these regions, and cooperating with partners to assert and enforce Canadian sovereignty.

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Sixth Arctic and Offshore Patrol Ship to be named in honour of Canadian naval hero, Robert Hampton Gray - Mirage News